With the first quarter of 2023 coming to an end, we decided to look at what rental markets and property types were analyzed the most in our rental pricing database throughout the past quarter. Below is a breakdown of apartment and single-family rental (SFR) searches completed this past quarter, including searches by building type, bedroom counts, and rental markets in the U.S.
Rent Analysis by Property Type
Out of all total searches for both apartments and SFRs, apartments accounted for 26% and SFRs accounted for 74% of all searches. The SFR market has experienced increasing demand since the pandemic, with renters seeking more spacious properties in lower density areas (Core Logic). This increase in demand could explain why real estate professionals searched for more SFR rent prices than apartments in Q1 2023.
Analysis by Bedroom Count
Apartment Bedroom Counts
In Q1 2023, Rentometer users searched rent prices for two-bedroom (2-BR) apartments the most compared to other bedroom counts, followed by 3-BR and then 1-BR.
SFR Bedroom Counts
For SFR searches in Q1 2023, Rentometer users searched rent prices for 3-BR SFRs the most compared to other bedroom counts, followed by 2-BR and then 4-BR. To gain more insight on 3-BR SFR rent prices across popular markets, check out our detailed SFR rental reports.
Top 3 Most Analyzed States
The top three most searched states for both apartments and SFRs were: California, Florida, and Texas.
Most Analyzed Rental Markets
The tables below show average rent prices in Q1 2023 and the year-over-year change in average rent from Q1 2022 to Q1 2023 for the ten most searched markets in the past quarter. Please note that since this article was written before the end of Q1 2023, we pulled data from January 1 - March 15 in both 2022 and 2023 to represent the Q1 data shown below.
Top 10 Most Analyzed Cities for 2-BR Apartments
The top ten most searched cities in Q1 2023 for 2-BR apartments were: San Diego, CA; Chicago, IL; Denver, CO; Los Angeles, CA; Cincinnati, OH; Louisville, KY; Aurora, CO; Houston, TX; Long Beach, CA; Portland, OR.
Top 10 Most Analyzed Cities for 3-BR SFRs
The top ten most searched cities in Q1 2023 for 3-BR SFRs were: Indianapolis, IN; Jacksonville, FL; Memphis, TN; Kansas City, MO; Columbus, OH; Cleveland, OH; St. Louis, MO; San Antonio, TX; Los Angeles, CA; San Diego, CA.
Conclusion
Key takeaways from Q1 2023:
- SFRs were analyzed more than apartments
- 2-BR apartments and 3-BR SFRs were anlayzed the most compared to other bedroom counts for each respective asset class
- Three most popular states analyzed in Rentometer Rentometer: California, Florida, and Texas
- Most analyzed city for 2-BR apartments: San Diego, CA
- Most analyzed city for 3-BR SFRs: Indianapolis, IN
We look forward to providing more rent rates, rental comps, and trend data to real estate professionals across the board next quarter!
This article was written by the Rentometer Content Team. The Rentometer Blog features fresh takes and insights on rental housing topics, services, and technology.